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Research Update: FirstEnergy Corp. Subsidiary Ratings Raised; On CreditWatch Positive

Published Oct 19, 2021

16 pages (3946 words) — Published Oct 19, 2021

Price US$ 225.00 | Buy this Report Now

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Abstract:

On Oct. 18, 2021, FirstEnergy Corp. (FE) created six distinct five-year senior unsecured committed credit facilities to replace the company's two previous credit facilities maturing December 2022. S&P Global Ratings believes this measure supplements the existing insulating measures in place. Cumulatively, we view the structural protections and the strength of each operating subsidiaries' stand-alone credit profiles as sufficient to rate FE's regulated utilities up to one notch higher than FE's group credit profile (GCP). We are raising our issuer credit ratings (ICRs) to 'BB+' from 'BB' on American Transmission Systems Inc. (ATSI), Cleveland Electric Illuminating Co. (CEI), Jersey Central Power&Light Co. (JCP&L), Mid-Atlantic Interstate Transmission LLC (MAIT), Metropolitan Edison Co. (MetEd), Monongahela Power Co. (MonPower), Ohio Edison Co.

Brief Excerpt:

...- On Oct. 18, 2021, FirstEnergy Corp. (FE) created six distinct five-year senior unsecured committed credit facilities to replace the company's two previous credit facilities maturing December 2022. - S&P Global Ratings believes this measure supplements the existing insulating measures in place. Cumulatively, we view the structural protections and the strength of each operating subsidiaries' stand-alone credit profiles as sufficient to rate FE's regulated utilities up to one notch higher than FE's group credit profile (GCP). - We are raising our issuer credit ratings (ICRs) to '##+' from '##' on American Transmission Systems Inc. (ATSI), Cleveland Electric Illuminating Co. (CEI), Jersey Central Power & Light Co. (JCP&L), Mid-Atlantic Interstate Transmission LLC (MAIT), Metropolitan Edison Co. (MetEd), Monongahela Power Co. (MonPower), Ohio Edison Co. (OE), Potomac Edison Co. (PE), Pennsylvania Electric Co. (Penelec), Pennsylvania Power Co. (Penn Power), Toledo Edison Co. (TE), Trans-Allegheny...

Report Type:

Research Update

Ticker

Issuer

FirstEnergy Corp.

GICS

Electric Utilities (55101010)

Sector

Global Issuers , Structured Finance

Country

United States

Region

United States

Format:

PDF

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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Research Update: FirstEnergy Corp. Subsidiary Ratings Raised; On CreditWatch Positive" Oct 19, 2021. Alacra Store. Apr 19, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-FirstEnergy-Corp-Subsidiary-Ratings-Raised-On-CreditWatch-Positive-2740606>

APA:	S&P Global Ratings’ Credit Research. (). Research Update: FirstEnergy Corp. Subsidiary Ratings Raised; On CreditWatch Positive Oct 19, 2021. New York, NY: Alacra Store. Retrieved Apr 19, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-FirstEnergy-Corp-Subsidiary-Ratings-Raised-On-CreditWatch-Positive-2740606>

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